Financial Institution, Jp Morgan Chase $2b Trading Loss | featured news

A Senate panel has issued a scathing assessment of JPMorgan's $6.2 billion trading loss last year. The investigation found that bank officials ignored growing risks and hid losses from investors and federal regulators.

JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.

Shares of JPMorgan Chase & Co. tumbled in premarket trading Thursday as a published report said that the bank's losses on a bad trade may reach as much as $9 billion - far higher than the estimated $2 billion loss disclosed last month.

The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was "dead wrong" when he dismissed concerns about the bank's trading last month.